DESPITE years of legislation to counter gender discrimination, the financial gap between men and women stubbornly refuses to close.

The rush to gender equality has backfired in certain respects, with both men and women the losers

This difference was brought into focus last week, when new figures highlighted that men still pay far more for motor insurance than women. That is despite the EU Gender Directive five years ago, which banned firms from using gender when pricing policies such as motor insurance, life cover and annuities. However, the rush to gender equality has backfired in certain respects, with both men and women the losers.

GENDER IMBALANCE

The gap between what men and women pay for motor cover is actually wider than before.

The average man now pays around £170 a year more for car insurance than women, up from £98 five years ago.

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Men pay £821 compared to £649 for women, a gap of almost 27 per cent, against 20 per cent five years ago, according to new research from CompareTheMarket.com.

Head of product John Miles says although insurers cannot base premiums on gender they may take other factors into account: “Men have statistically higher accident rates and are more likely to drive business or commercial vehicles, which are higher risk.”

AGE MATTERS

AA Insurance motoring expert Ian Crowder says male and female drivers pay the same premium if all other elements of the quote are identical, such as car, annual mileage, occupation, address and driving record: “Young men are nevertheless quoted higher premiums because they are significantly more likely to be involved in a car crash, and those crashes are more likely to be serious.”

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The gap between what men and women pay for motor cover is actually wider than before

Male chief executives are cashing in bonuses six times larger than female counterpart

Ann Francke

Age is also a factor, with figures from AA Insurance showing young drivers aged between 17 and 22 now pay an astonishing £1,771 a year on average for cover. Young men can expect to pay £280 more than women.

GLASS CEILING

The rush to gender equality is actually hurting many women as the Government pushes to synchronise the state pension age at 66 for both sexes by 2020.

This will affect around 3.8 million women born in the 1950s, who now have to work up to six years longer with very little warning.

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Jane Cowley, director of campaign group women against pension inequality (WASPI), accepts the principle of gender equality but condemns the hurried implementation: “Women have not been given sufficient notice of the changes, leaving them with no time to make alternative arrangements.”

The average woman aged between 55 and 65 has just £24,900 in her pension pot, well below the £73,600 average for men, according to research from Aegon.

Kate Smith, head of pensions at the insurer, says: “When correcting inequality, there are times when one gender loses out compared with their previous position. The Government’s refusal to make concessions for the WASPI women means they fall into this category. ”

TROUBLE AT THE TOP

Figures published last week show that the gender pay gap goes right to the top, with female managers earning on average £11,606 a year less than male colleagues.

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Figures published last week show that the gender pay gap goes right to the top

Ann Francke, chief executive of the Chartered Management Institute, says the gap is widest in the boardroom: “Male chief executives are cashing in bonuses six times larger than female counterparts.”

Lower female earning power puts them at a disadvantage when it comes to getting on to the housing ladder, according to estate agent eMoov.co.uk. It calculates that the average male who borrowed 4.5 times his income could get a mortgage for £137,552, against just £111,749 for the typical woman.

However, with the average property price now £211,705, this leaves both well short of purchasing a place of their own. Russell Quirk, founder of eMoov, says the mortgage gender gap is closing but is still too wide. “Homeownership provides enough hurdles as it is, without gender playing a role.”

Despite the push towards greater equality it seems that both men and women still have to mind the gender gap.